Why Pivotal Software Stock Soared 57.3% in August
Shares of Pivotal Software (NYSE: PVTL) in August, according to data from S&P Global Market Intelligence, after the cloud-native platform company agreed to be acquired by VMware (NYSE: VMW) in a deal worth $2.7 billion.
More specifically, VMware will purchase Pivotal for a "blended" price that -- at the time of the acquisition announcement on Aug. 22, 2019 -- was equivalent to $11.71 per share, consisting of $15 per share in cash for Pivotal Class A common stockholders, and the exchange of 0.55 shares of VMware's Class B common stock for each share of Pivotal Class B stock already owned by VMware parent company Dell Technologies (NYSE: DELL). The latter exchange represents roughly 15% of Pivotal's total shares outstanding.
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Source Fool.com
